LEAPMOTOR(HK:09863) Zhi Tong Cai Jing·2025-08-18 11:39Core Insights - Leap Motor (09863) reported a total vehicle delivery of 221,664 units for the first half of 2025, representing a 155.7% increase compared to the same period in 2024 [1] - Revenue reached RMB 24.25 billion, a year-on-year increase of 174.0% [1] - The gross margin improved to 14.1%, up 13 percentage points from 1.1% in the same period last year [1] - The net profit attributable to equity holders was RMB 33.03 million, marking a turnaround from a loss in the previous year [1] Revenue Growth Drivers - The increase in revenue was primarily driven by higher delivery volumes of vehicles and spare parts, revenue from strategic partnerships, carbon credit trading, and increased service income related to vehicle deliveries [1] Adjusted Profitability - Excluding share-based payments as part of employee benefits, the adjusted net profit for the six months ending June 30, 2025, was RMB 330 million, compared to a loss of RMB 2.02 billion for the same period in 2024 [1] Recent Performance - In July 2025, the company achieved a new delivery high of 50,129 units, maintaining the top position in sales among new energy vehicle brands in China for five consecutive months, and becoming the only new energy vehicle brand to exceed 50,000 monthly deliveries in 2025 [1] Financial Position - As of June 30, 2025, the company had a strong cash position, with cash and cash equivalents, restricted cash, financial assets at fair value through profit or loss, and bank deposits totaling RMB 29.58 billion [1]